Issue - meetings

Consideration was given to report of the Chief Officer Resources.

The Committee AGREED to recommend that the report be accepted and Members note the forecast use of

general and earmarked reserves for 2021/2022 and:

·        Note the impact of the £2.814m favourable variance for 2021/2022 would have on the budgeted contribution to the General Reserve;

·        Note the forecast increase of the General Reserve in 2021/2022 to £10.567m, being 8.0% of net revenue expenditure, above the 4% target level;

·        Consider the need for ongoing prudent financial management given the potential for future public spending restrictions required to fund the impact of Covid-19; and

·        Continue to challenge budget overspends and implement appropriate service Action Plans, where required.

Maintenance of general reserves at an adequate level is crucial to the Council being able to meet future liabilities arising from risks for which specific provision has not been made.